Islamic Banking in Turkey

Islamic banking in Turkey dates back to 1985, when the government, led by the late Turgut Özal, passed legislation for interest-free banking. The first “participation bank” was Albaraka Türk, established in February 1985, followed by Faisal Finans two months later.

They operate two types of accounts to collect funds from depositors. One is a “current account” that does not provide any type of return, but offers conventional services such as cheque books, money transfers and documentary collection.

The second is a profit-loss sharing participation account, that can be opened in U.S. dollars, euros or liras for a minimum of 30 days. The holders of accounts share the profits and the losses as a result of an investment in funds.
source: Hurriyet daily news